US-Iran War Live Updates: Iran FM joins Arbaeen pilgrimage in Iraq

Brent crude hovered near $85 a barrel on Tuesday, a level Goldman Sachs says reflects only a modest geopolitical risk premium. The bank expects spot Brent to stay in the $80‑$90 range until a new US‑Iran nuclear accord is confirmed or a major escalation occurs.Goldman Sachs, via cnbcTV18 Loaded tanker capacity in the Red Sea has fallen 22 % since Iran‑backed Houthi rebels announced a blockade, underscoring lingering supply‑chain strain.cnbcTV18

Iran’s foreign ministry framed Washington as the sole provocateur. Foreign Ministry spokesperson Esmaeil Baqaei warned that “responsibility for everything that is happening in the region and beyond lies solely with the US, as the initiator of this military aggression, and of course with all those who, in various ways, decided to act as accomplices of the aggressors.”Esmaeil Baqaei, spokesperson, via Cnbctv18

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Against that backdrop, millions of Shiite Muslims converged on Karbala for the Arbaeen pilgrimage, one of the world’s largest religious gatherings. Iraqi authorities reported that more than 4.88 million foreign pilgrims had entered the country since the start of Muharram, with additional Iraqi participants expected to swell the crowd.AP via Cnbctv18 Iranian Foreign Minister Abbas Araghchi arrived in Najaf on Monday before proceeding to Karbala, signalling Tehran’s diplomatic outreach amid the tension.AP via cnbcTV18

Gulf officials and analysts told Reuters that Iran is “keeping pressure on key trade routes, shipping lanes and energy infrastructure rather than pursuing a decisive military victory.” Michael Knights of the Washington Institute added that Iran “has tried to out‑escalate the United States by stretching out its escalation options so that it always has something new to bring every week.”Michael Knights, Washington Institute, via cnbcTV18

Shipping data from Kpler showed that only six vessels passed through the Strait of Hormuz and twenty transited Bab el‑Mandeb on Monday, figures that remain well below pre‑blockade levels.Reuters via cnbcTV18 The United Kingdom Maritime Trade Operations reported that an unidentified projectile struck a cargo vessel about 20 nautical miles northeast of Al Khasab, Oman, raising fresh questions about the safety of the strategic waterway.UKMTO via cnbcTV18

In parallel, senior adviser Mohsen Rezaei claimed Tehran had prepared to strike three sites in Ukraine but aborted the operation after Kyiv offered an “apology” for the July 25 attack on an Iranian commercial vessel in the Caspian Sea. Rezaei’s statement appeared on Iranian state television and was reproduced by PressTV.

“We were set to strike three sites in Ukraine, but canceled the attack following Ukraine's apology.”

Mohsen Rezaei, senior adviser, via United24media

Ukrinform added that Iranian forces had completed preparations before the cancellation and warned that any “hostile” vessel attempting an “illegal route” through the Strait of Hormuz would be targeted.Ukrinform via Ukrinform

Kyiv’s side cited a “frank conversation” between Ukrainian Foreign Minister Andrii Sybiha and Iran’s Abbas Araghchi, during which Sybiha said the Ukrainian government would compensate Tehran for the Caspian‑Sea damage. Ukrainian President Volodymyr Zelensky had earlier claimed Ukrainian forces had struck a warship and other cargo vessels linked to Iran.Ukrinform

US President Donald Trump, insisting that “talks with Tehran are continuing,” framed the standoff as Iran’s “last chance before decapitation.” He said negotiations focus on reopening the Strait of Hormuz and on Iran’s nuclear programme.Trump statements, via cnbcTV18 US Central Command reported that, as of August 3, it had redirected 44 commercial vessels, disabled two ships and boarded two others as part of its blockade enforcement.CENTCOM via cnbcTV18

Domestically, Iran’s President Masoud Pezeshkian told state broadcaster IRIB that Tehran would defend its borders but does not seek to expand the war, urging citizens to “strive to build a society where the enemy cannot harbour greed, cannot infiltrate and cannot tear apart and destroy this social community.”Pezeshkian, via Al Jazeera

Saudi Aramco’s second‑quarter earnings reflected a paradox of profit amid disruption: a 44 % year‑on‑year rise in net profit to $32.69 billion, driven by higher crude, refined product and chemical prices, even as shipping through Hormuz and Bab al‑Mandeb remained constrained.Al Jazeera

Elsewhere in the region, the World Health Organization’s Director‑General condemned an Israeli demolition operation on a medical warehouse in Gaza, highlighting the broader humanitarian fallout of the conflict.WHO statement via cnbcTV18

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